As the world continues to evolve, financial technology (fintech) has emerged as a critical sector, and it is rapidly changing the way we do business.
Fintech is a broad term that encompasses a wide range of financial services, including banking, investment, lending, and payment services. In Nigeria, building fintech in the toughest environment requires skill, resilience, and innovation.
Oluseye Ayorinde is a Product Manager who has extensive experience building fintech products in Nigeria, one of the toughest environments in the world.
In this interview, Oluseye will share his insights on how to build fintech products in Nigeria and other challenging environments.
What challenges have you faced while building fintech in Nigeria, and how have you overcome them?
Oluseye Ayorinde: The challenges of building fintech in Nigeria are numerous, but some of the most significant include infrastructure, regulatory hurdles, and a lack of trust. Nigeria’s infrastructure is not the best, and this can make it difficult to offer seamless financial services. Also, the regulatory environment can be quite challenging, as there are strict rules that must be followed, and fines can be imposed if these rules are not adhered to. Finally, there is a general lack of trust in the financial sector due to past scandals and fraudulent activities.
To overcome these challenges, we had to be innovative and creative. For example, we leveraged the use of mobile technology to offer seamless financial services, even in areas with poor infrastructure.
We also took the time to understand the regulatory environment and worked closely with regulators to ensure compliance while still offering innovative services. Finally, we focused on building trust by being transparent and offering excellent customer service.
What do you think are the critical factors for success in building fintech in Nigeria and other challenging environments?
Oluseye Ayorinde: In my experience, there are several critical factors for success in building fintech in Nigeria and other challenging environments. These include:
- Understanding the Market: It is essential to understand the market and the specific needs of customers in that market. This can help you develop innovative products and services that address specific pain points.
- Agility: In challenging environments, you need to be agile and able to adapt quickly to changing circumstances. This includes being able to pivot your product or service offering if necessary.
- Collaboration: Collaboration is key in challenging environments. You need to work closely with regulators, other fintechs, and other stakeholders to overcome challenges and build trust.
- Focus on Customer Experience: In a challenging environment, customer experience is critical. You need to focus on providing excellent customer service and building trust with your customers.
- Innovation: Innovation is essential in building fintech in challenging environments. You need to be able to think outside the box and develop new products and services that address specific pain points.
What advice would you give to someone who wants to build fintech in Nigeria or other challenging environments?
Oluseye Ayorinde: My advice would be to be prepared for a challenging journey, but also be prepared to learn and adapt. You need to be resilient and have a long-term vision for your fintech. Additionally, it’s essential to understand the market and the specific needs of customers. Finally, be willing to collaborate with regulators, other fintechs, and stakeholders to overcome challenges and build trust.
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